Standard Chartered Leads Ghana Bank Pay Rankings

Standard Chartered tops Ghana banking pay rankings after reporting the highest average personnel cost per employee in the 2025 financial year, according to an analysis of audited statements from 14 local banks.

Cost gap widens across the sector

Standard Chartered spent GH¢931,000 per employee, a figure far above the industry average of GH¢457,000. The next highest spenders were Absa Bank Ghana at GH¢724,000 and Ecobank Ghana around GH¢700,000. At the low end, Guaranty Trust Bank (Ghana) Limited recorded GH¢216,000 per employee, less than one‑quarter of the amount.

These numbers were derived by dividing each bank’s disclosed personnel expenses by its year‑end headcount, and only those banks that reported both metrics were included. The range shows a more than fourfold variation in how lenders allocate resources to staff.

Business models drive the disparity

Industry observers note that the split reflects differing strategies rather than ownership alone. Multinational banks such as Standard Chartered, Absa and Ecobank tend to focus on corporate and investment banking, requiring smaller teams of highly specialised professionals who command premium salaries.

By contrast, many Nigerian‑owned banks, including Access Bank Ghana and Zenith Bank Ghana, reported below‑average personnel costs. Retail‑oriented institutions typically maintain larger branch networks and a broader customer‑facing workforce, which lowers the average cost per employee.

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The rise of automation also plays a role. Banks that have invested heavily in digital channels and centralized operations can sustain or grow business volumes with fewer staff, reshaping labour economics without necessarily harming service quality.

Higher personnel costs are not automatically a sign of inefficiency. Institutions may choose to pay more to attract relationship managers, risk specialists, technology experts and senior executives who can drive higher revenues. Conversely, lower costs may indicate leaner models or greater reliance on technology rather than disciplined expense management.

Investors are likely to focus on whether employee compensation translates into stronger profitability, higher revenue per employee and better returns on equity.

Comparing the data to previous years shows continued recalibration. OmniBSIC Bank posted the steepest rise in personnel cost per employee after restating its expenses, while CalBank and Ecobank also noted notable increases.

One point of curiosity is the omission of Stanbic Bank Ghana and GCB Bank from the ranking because their statements did not disclose headcount in a comparable format. This lack of uniform reporting hampers benchmarking of productivity and human‑capital efficiency.